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CALGARY, ALBERTA--(Marketwired - Jan 25, 2016) - Tanager Energy Inc. (TSX VENTURE:TAN) ("Tanager" or the "Corporation") announced today that, further to its news releases dated November 13, 2015 and January 5, 2016, it has amended the terms of its previously announced private placement. The Corporation intends to complete a non-brokered private placement of common shares at a price of $0.045 (rather than $0.05), for gross proceeds of up to $540,000 (rather than $500,000).
The closing of the offering is expected to occur on or about February 4, 2016 and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the offering, please contact the Corporation. The common shares issued in connection with the offering will be subject to a hold period of four months from the date of closing. The net proceeds from the offering will be used for the installation of an artificial lift on the Corporation's current well, for the re-entry, recompletion and testing of the second well at the Joffre property, and for general working capital and administrative purposes.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tanager Energy Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for oil and gas and minerals with its operations office in Calgary, Alberta. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Tanager Energy Inc.
John Squarek, B. Sc., P. Eng., MBA
President and Chief Executive Officer